Canadian dollar falls to new lows

The Canadian dollar traded below 63 cents U.S. for the first time ever on Wednesday. At one point, the Loonie was quoted as low as 62.95 cents U.S., while banks told customers that each U.S. dollar would now cost $1.60 Canadian. The previous record low for the Canadian dollar was 63.09 cents U.S., set on Aug. 18, 1998, during the Asian financial crisis.

``Sam the Record Man'' spins to an end

The historic ``Sam the Record Man'' music store filed for bankruptcy Tuesday. Opened by Sam Sniderman Sr. in the mid-1920s, the store grew under the leadership of Sam Jr., who opened its landmark location on Toronto's downtown Yonge St. in 1959. Sniderman and ``Sam the Record Man'' became known for their strong support of Canadian music artists, and Sam expanded across the country in the 1960s. Thirty company-owned stores will close, unable to compete with pressure from free Internet downloads and internationally based rivals such as HMV. Sam Jr., now 81, said Tuesday, ``I'm very sad with it. It's been my baby for 63 years, and I'm very sorry.'' Eleven independent franchises licensed to use the Sam the Record Man name are not included in the bankruptcy.

Conrad Black takes peerage over Canada

Press baron Conrad Black became a real lord on Wednesday with his induction into the British House of Lords. In a brief ceremony in which Black pledged his loyalty to the Queen and her successors, he became Lord Black of Crossharbour. Crossharbour is the name of a subway station near the building of the Daily Telegraph, which Black owns. Black renounced his Canadian citizenship after Canadian Prime Minister Jean Chrétien would not allow him to take the title. The Prime Minister spent $170,000 in taxpayer's money on a lawsuit to block Black from the peerage, invoking the Nickle Resolution of 1919, which requires foreign governments to consult with Ottawa before bestowing titles on Canadian citizens. Mr. Black, in turn, accused Chrétien of trying to even the score after the National Post -- owned at the time by Mr. Black's Hollinger newspaper empire -- criticized the Prime Minister's business dealings.